Eximbank holds workshop on development financing

The 27th Economic Development Cooperation Fund Annual Workshop, hosted by the state-run Export-Import Bank of Korea (Eximbank), kicked off Tuesday, inviting a total of 15 government officials from 14 developing countries.

The EDCF Annual Workshop, a four-day event, aims to introduce South Korea’s EDCF financing to public officials around the world. The EDCF, an aid loan funded by the Korean government, was launched in 1987 under an official development assistance initiative. Eximbank is in charge of running the fund.

This year’s 14 participating countries include Vietnam, Cambodia, Indonesia, the Philippines, India, Bangladesh, Sri Lanka, Egypt, Senegal, Rwanda, Colombia, Ecuador, Uzbekistan and Ukraine.

A ranking official from Ukraine, among others, is joining the event after the Korean government in September pledged a $2 billion funding plan to help rebuild the country through the EDCF from 2025.

"The EDCF has put in some $23 billion for 58 countries, funding over 500 projects," said Park Jung-hyun, head of EDCF affairs at the Finance Ministry. "We plan to expand the support for the EDCF, focusing on green and digital sectors through tight communication with partnering countries.”

"The EDCF workshop aims to improve developing countries' understanding of Korea and the fund itself to carry out EDCF projects smoothly in the future," said Eximbank Vice President Park Jong-kyu.

"I hope we can strengthen economic cooperation with the EDCF recipient countries and establish the foundation of cooperation with countries such as India and Ukraine, with which we seek to strengthen strategic relationships."

During the workshop, Chang Hye-young, a political science professor at Chung-Ang University, gave a lecture on the importance of development cooperation amid the economic slowdown and other global challenges such as climate change and diplomatic tensions.

The participants also held a seminar to discuss the EDCF framework and its successful applications.

Tran Quoc Phuong, Vietnam’s vice minister of planning and investment, was quoted as saying: “Korea, which has grown from a war-torn country into a donor nation, is a role model for many countries. This workshop could be an opportunity to share Korea’s experiences, paving the way for effective EDCF projects.”

Since its inauguration event was held in 1995, more than 400 government officials from 54 countries have attended the annual EDCF workshop.